Tyler Tim Realtor

The verdict is out and forecasters are predicting a "classic" Canadian winter with plenty of snow! Keep your family warm this winter season and your money in the bank. Here are a few tips and tricks to winterize your home before the bitter cold arrives. Change Furnace Filters Easy to forget but important to do.  Replace or clean your furnace filters once a month during the heating season. Built-up dirty restricts airflow and forces your furnace to work harder than it needs to and shortens its lifespan. Remember, replacing your entire furnace will cost a lot more money.   Run Ceiling Fans in Reverse Many ceiling units actually come with a switch that reverses that direction of the fan. Switching the blade to rotate clockwise produces warm air. In essence, by switching the direction of the fan, the cooler air is drawn upwards, which forces the warmer air near the ceiling back down.  Doing so could reduce your heating costs as much as 10%! Winterize You’re A/C

New mortgage rules have been introduced and will take effect next year! But what does this mean for you? In layman's terms government will be raising the minimum qualifying rate for uninsured mortgages. Therefore if you were thinking about buying next year, those putting down 20% of greater than their home price will be affected. This new qualifying rate is set to be the greater of the five year benchmark rate (presently 4.89%) or 200 basis points above the mortgage holder’s contractual rate. “The main effect will be felt by first-time buyers. No matter how much money they put down as a down payment, they will have to pass the stress test.” However, realistically this change will effect anyone buying a house; resulting in a 20% decrease in affordability. According to Ratehub.ca here are two scenarios that are likely to occur and what it will mean for your family’s bottom line: Scenario 1: Bank of Canada 5-Year Benchmark Qualifying Rate In this scenario the family’s